Fall 2014 www.GolfIncMagazine.com 41
Asia’s mixed messages
Asia is the land of promise for golf course
developers and investors. But it is also
rife with challenge and uncertainty.
Golf has been growing at a fast pace,
and the continent has more projects in
planning — 251 — than any other region.
It also has a growing middle class population that could conceivably support
up to 15,000 golf courses, which is three
times its current pool of 4,523 courses.
But political instability, aging popula-
tions and poor business plans cloud the
Golf Inc. undertook an extensive study
of 162 countries around the world, looking at 17 data points to determine which
countries are best suited for investment.
It assessed tourism infrastructure and
activity levels, potential for domestic
play, political stability, economic growth
predictions, ease of doing business, wa-
ter availability and other factors, such as
government support for golf.
Asia was a mixed bag.
Only four Asian countries placed in
the top 25, with Singapore, Hong Kong
and Taiwan earning an AA rating, or
Investment Highly Recommended. Malaysia was the lone country to receive an
A rating, or Investment Recommended.
Five countries, including China, received
a B, or Proceed With Caution. Two countries, India and Brunei, received a C, In-
Golf is growing in Asia, but the investment outlook is clouded by political
uncertainty, population trends and over-development
BY JACK CRITTENDEN
INVESTORS’ GUIDE TO GOLF COURSE DEVELOPMENT